Airports of Thailand Plc....2019/05/31 · Airports of Thailand Plc. Investor Relations Department,...
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Airports of Thailand Plc. Investor Relations Department, E-mail: [email protected] , Tel: (662) 535-5900, Fax (662) 535-5909 (Opportunity Day 31 May 19)
Transcript of Airports of Thailand Plc....2019/05/31 · Airports of Thailand Plc. Investor Relations Department,...
Airports of Thailand Plc.
Investor Relations Department, E-mail: [email protected], Tel: (662) 535-5900, Fax (662) 535-5909
(Opportunity Day 31 May 19)
Agenda
• Business Overview
• Financial Performance for 6M FY2019
• AOT Investment Projects
• Key Development on Non-Aero Business
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Business Overview
Fact Sheet
Listed on 11 March 2004
Shares outstanding 14,285.70 Million*
Shareholders
•Ministry Of Finance 70%
•Free Float 30%
Average Daily Market Cap (Oct 18 – Mar 19)
•939,865.49 Million Baht
Stock Overview
Shareholders Information
Dividend Policy
Not less than 25% of net profit of the company for
each year after deduction of all specified reserves,
subject to our investment plans and other
considerations that our Board of Directors deems appropriate
(As of December 14, 2018)
4 Note: 1. EPS using for calculating the dividend is from the company financial statements.
2. AOT’s Board of Directors approved the payment of interim dividend for the first half of accounting year 2015 from Oct. 1, 2014 to March 31, 2015.
1. MINISTRY OF FINANCE 70.00%
2. THAI NVDR COMPANY LIMITED 4.49%
3. SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2.76%
4. STATE STREET EUROPE LIMITED 1.67%
5. SOCIAL SECURITY OFFICE 1.16%
6. THE BANK OF NEW YORK MELLON 0.45%
7. SOUTH EAST ASIA UK (TYPE A) NOMINEES LIMITED 0.45%
8. BNY MELLON NOMINEES LIMITED 0.40%
9. VAYUPAK FUND 1 BY MFC ASSET MANAGEMENT PLC. 0.35%
10. VAYUPAK FUND 1 BY KRUNG THAI ASSET MANAGEMENT
PLC. 0.35%
Fiscal
Year
EPS (Baht)1
(The Company) Dividend per share
(Baht)
Dividend
payout ratio
Dividend Yield
2012 4.54 1.80 39.65% 2.26%
2013 11.43 4.60 40.23% 2.44%
2014 8.51 3.40 39.95% 1.42%
20152
13.11 6.54 49.96% 2.33%
2016
13.67 6.83 49.96% 1.71%
2017
1.44 0.86 59.64% 1.46%
2018
1.76 1.05 59.66% 1.60%
Note : * Change in Par value of AOT share from 10 Baht per share to 1 Baht per
share, effective since February 9, 2017.
Royal Thai Navy Airport
Sukhothai
Bangkok Airways Airports
DCA Airports
AOT Airports
Ubon Ratchathani Buri Ram Nakhon Ratchasima
Nakhon Phanom
Sakon Nakhorn
Roi Ed
Khon Kaen
Udon Thani
Loei
Phetchabun
Phitsanulok
Lampang Phrae
Nan Mae Hong Son
Tak
Mae Sot
U-Tapao
Hua Hin
Chumpon
Samui
Nakhon Si Thammarat
Ranong
Krabi
Trang Pattani
Narathiwat
Trad
Surattani
Total of 39 airports
Airports of Thailand Public Company Limited
2 in Bangkok and perimeter
o Suvarnabhumi Airport (BKK)
o Don Mueang International Airport (DMK)
4 international airports at regional sites
o Chiang Mai International Airport (CNX)
o Phuket International Airport (HKT)
o Hat Yai International Airport (HDY)
o Mae Fah Luang-Chiang Rai International Airport (CEI)*
Department of Airports (DOA)
o *29 regional airports
Royal Thai Navy
o U-Tapao Pattaya International Airport
Bangkok Airways Company o Sukhothai Airport
o Samui Airport
o Trad Airport
PHUKET
INTERNATIONAL
AIRPORT
MAE FAH LUANG-CHIANG RAI
INTERNATIONAL AIRPORT CHIANG MAI
INTERNATIONAL
AIRPORT
DON MUEANG
INTERNATIONAL
AIRPORT
HAT YAI INTERNATIONAL
AIRPORT
SUVARNABHUMI AIRPORT
Note: * Changing from Chiang Rai International Airport to Mae Fah
Luang–Chiang Rai International Airport since March 13, 2010.
Airports in Thailand
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Pai
Surin
Yala
% Share – BY AIRPORTS (FY 2018)
Suvarnabhumi
Don Mueang
Phuket
Chiang Mai
Hat Yai
Chiang Rai
(Flights) % share
41.61
30.85
13.31
8.64
3.34
2.25
6
45.02
(Passengers)
29.07
13.09
7.75
3.06
2.01
Sources of Revenue
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Airport Revenues (FY2018)
Landing & Parking Charges 20% increased on Jan 1st, 2005
15% increased on Apr 1st, 2007
Departure Passenger Service
Charges (PSC)
Effective on Feb 1st, 2007
THB 500 to THB 700 - International PSC
THB 50 to THB 100 - Domestic PSC
Aircraft Service Charges Fees paid by airlines for use of boarding
bridges, varies by maximum take off weight of the aircraft and length of time at a gate
Office & State Property Rents Rental tenants include airline, government agencies
and concession tenants. Rents are determined based
on the tenants’ business use at each of our airports.
Service Varies by activities such as Utilities, Check-in Counter
Services, Airline Announcement Services, Hydrant
System Services, Advance Passenger Processing
System (APPS), etc.
Concession Varies by activities such as Duty Free, Souvenirs,
Food & Beverage, Airline Catering, Fueling Services,
Car Parking, Advertising, Banking, etc.
Aeronautical
56%
Non-Aeronautical
44%
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12.07%
42.70%
1.38% 3.74%
12.51%
27.60%
Note: Fiscal Year starting from October to September
Landing & Parking charges (LPC)
Departure Passenger service charges (PSC)
A/C Service charges (ASC)
Office and state property rents (OPR)
Service revenues (SVR)
Concession revenues (CCR)
Revenues Breakdown (FY2018)
By Proportion
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Airport Operating Expenses
Employee Benefit Expenses Consisting of :
- employee salaries and bonuses, employee benefits, retirement
payments and contributions to employee provident fund .
- the remuneration of AOT’s board of directors and executives as
stated in the notice of Capital Market Supervisory Board.
Utilities Expenses Consisting of electricity charges, cooling water system and water supply.
Outsourcing Expenses Consisting of security, limousine service, cleaner, gardener, trolley, Advance Passenger Processing System (APPS), etc.
Repairs and Maintenance Consisting of repair and maintenance of runways and taxiways,
elevators, escalators and cover walkways, air conditioning systems,
conveyor belts, transportation equipment and construction and electrical appliances.
State Property Rental Consisting of rental payments made to the Ministry of Finance under the airport land leases.
Depreciation and Amortization Consisting of depreciation charges in respect of the property, plant and
equipment as well as amortization in respect of the intangible assets.
Calculating on a straight-line basis over the assets’ useful lives (between
5 and 50 years).
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25.71%
9.56%
20.65%
9.13%
14.23%
20.72%
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Expenses Breakdown (FY2018)
Employee Benefit expenses
Utilities expenses
Repairs and maintenance (R&M)
State property rental (SPR)
Depreciation and amortization (D&M)
Outsourcing expenses
By Proportion
Note: Fiscal Year starting from October to September
Nationality Passenger Traffic (FY2018)
74.8% Asia Pacific
•+15.2% PAX Growth
15.9% Europe
• +3.3% PAX Growth
2.3% Middle East
•-3.0% PAX Growth
4.0% America
•+4.3% PAX Growth
0.7% Africa
•+5.2% PAX Growth 2.4% Oceania
•+0.1% PAX Growth
Source : Corporate Strategy Department, AOT
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Chinese Traffic Movement (FY2015-2019)
Remarks :
1. Government measure after the boat sinking tour (July 2018)
- Free VOA for 21 countries including China, India, Taiwan and Eastern Europe from Nov 15, 2018 - Oct 31, 2019
2. Government measure after crackdown on "zero-dollar" Chinese (Sep 2016) (Effective from Dec 1, 2016 - Aug 31, 2017)
- Free Visa at Thai Embassy
- Reduce VOA for 21 countries from 2,000 THB to 1,000 THB 13
International Domestic
AOT Air Traffic FY2019 (7 months : Oct 18 – Apr 19)
AOT Passenger Growth 7 months of FY2019
+2.2% 86.43 million passengers
AOT +4.1% -0.3%
BKK
(+4.4%) 533,886
+3.0% +5.4%
DMK +8.2% -2.1%
(+1.8%) 24.43 M
CNX
HDY
HKT
CEI
+25.2% +1.0% (+6.6%) 7.07 M
-9.5% -2.7% (-3.3%) 2.45 M
-1.5% -4.5% (-2.8%)
11.29 M
+47.5% +3.7% (+6.9%) 1.84 M
AOT Aircraft Growth 7 months of FY2019
+4.4% 533,886 flight
AOT
International Domestic
Aircraft Share by Airport
+6.6% +1.9%
BKK
CNX
DMK
HDY
HKT
CEI
+5.4% +5.3% (+5.4%) 224,174
+8.8%
+24.4%
-24.5%
+2.9%
+53.8%
-0.6%
+7.8%
-1.1%
+0.2%
+2.2%
(+2.7%) 161,208
(+12.3%) 49,795
(-3.8%) 16,109
(+1.7%) 70,024
(+6.5%) 12,576
(+2.2%) 86.43 M
(+3.4%) 39.34 M
Passenger Share by Airport
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Suvarnabhumi Airport (BKK) Don Mueang International Airport (DMK) Chiang Mai International Airport (CNX)
Phuket International Airport (HKT) Hat Yai International Airport (HDY) Mae Fah Luang-Chiang Rai International Airport (CEI)
Nationality Passenger Traffic (Oct 18- Apr 19)
Nationality % Change % Share
Chinese - 3.24 24.25%
Thai 11.12% 18.40%
South Korean 6.86% 4.77%
Indian 22.62% 4.38%
Japanese 10.41% 4.37%
Russian 3.14% 3.95%
Malaysian 8.17% 3.19%
American 6.57% 2.97%
British 0.96% 2.49%
Singaporean 1.85% 2.44%
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Financial Performance (6M FY 2019)
11.90%
42.90%
1.33% 3.56%
12.58%
27.73%
11.90%
43.52%
1.31% 3.64%
12.52%
27.11%
2016 2017 2018 6M 2018 6M 2019 FY2016 FY2017 FY2018 6M FY18 6M FY19 YoY
LPC 6,433.26 6,731.61 7,303.66 3,682.32 3,868.68 5.06%
PSC 21,968.21 23,285.00 25,850.04 13,461.02 13,949.72 3.63%
ASC 786.20 808.80 832.56 404.17 434.01 7.38%
OPR 1,992.80 2,264.83 2,264.96 1,124.51 1,156.12 2.81%
SVR 6,161.45 7,059.20 7,575.76 3,871.73 4,091.87 5.69%
CCR 13,620.03 14,751.72 16,710.43 8,385.47 9,017.47 7.54%
Total 50,961.95 54,901.16 60,537.41 30,929.22 32,517.87 5.14%
(Unit: Million Baht)
(Unit: Million Baht)
6M FY2018 6M FY2019
Note: Fiscal Year starting from October to September
Landing & Parking charges (LPC)
Departure Passenger service charges (PSC)
A/C Service charges (ASC)
Office and state property rents (OPR)
Service revenues (SVR)
Concession revenues (CCR)
Revenues Breakdown (6M FY2019)
FY
30,929.22
50,961.95
Total Revenue By Proportion
By Growth
54,901.16
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60,537.41
32,517.87
24.70%
9.56%
21.51% 8.77%
14.81%
20.65% 23.79%
9.66%
21.95% 8.56%
15.04%
21.00%
2016 2017 2018 6M 2018 6M 2019 FY2016 FY2017 FY2018 6M FY18 6M FY19 YoY
Employee 5,934.09 6,499.04 7,001.73 3,113.37 3,407.85 9.46%
Utilities 2,562.26 2,520.66 2,603.19 1,263.73 1,319.94 4.45%
Outsourcing 4,613.86 5,328.44 5,623.03 2,873.25 2,967.81 3.29%
R&M 2,474.91 2,545.31 2,486.74 1,120.85 1,210.00 7.95%
SPR 2,459.69 4,099.31 3,875.62 1,968.20 2,043.80 3.84%
D&M 6,404.05 5,644.51 5,641.67 2,748.11 2,849.36 3.68%
Total 24,448.86 26,637.27 27,231.98 13,087.51 13,798.76 5.43%
(Unit: Million Baht)
(Unit: Million Baht)
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Expenses Breakdown (6M FY2019)
6M FY2018 6M FY2019
FY
13,087.51
24,448.86
Employee Benefit expenses
Utilities expenses
Repairs and maintenance (R&M)
State property rental (SPR)
Depreciation and amortization (D&M)
Outsourcing expenses
26,637.27
Expenses By Proportion
By Growth
27,231.98
13,798.76
(Unit: Million Baht)
Statements of Income (6M FY2019)
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FY2016 FY2017 FY2018 6M FY2018 6M FY2019 YoY
Total revenues 52,598.54 56,690.96 62,135.93 31,735.78 33,344.79 5.07%
Revenues from sales or
services 50,961.95 54,901.16 60,537.41 30,929.22 32,517.87 5.14%
Other incomes 1,636.59 1,789.80 1,598.52 806.56 826.92 2.52%
Total expenses 28,427.21 30,505.99 31,008.56 14,859.23 15,707.11 5.71%
Profit before income tax
expense 24,171.34 26,184.97 31,127.37 16,876.56 17,637.68 4.51%
Income tax expense 4,820.92 5,445.40 5,902.71 3,351.32 3,585.52 6.99%
Net Profit 19,318.31 20,683.60 25,170.76 13,489.28 14,022.13 3.95%
EBIT 24,038.26 25,786.88 30,710.55 16,669.67 17,434.82 4.59%
EBITDA 30,442.32 31,431.39 36,352.22 19,417.78 20,284.18 4.46%
Note : 1. The reversal of accrued property tax at DMK of Baht 3,059.17 million in FY2015
2. AOT received compensation for damages from flooding at DMK during the end of 2011 of Baht 100 million on September 2013
and Baht 464.83 million in the third quarter, 2016.
(As of Mar 29, 2019)
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30 Sep 2018 31 Mar 2019
Cash 8,602.10 5,587.47
Other Current Asset 68,465.99 65,925.16
Non Current Asset 110,640.46 109,631.36
Total Assets 187,708.55 181,143.99
Current Liabilities 23,202.73 19,273.58
Long Term Loan 13,684.89 11,976.83
Other Non Current
Liabilities 6,551.81 6,392.59
Total Liabilities 43,439.43 37,643.00
Shareholder’s Equity 144,269.12 143,500.99
Total Liabilities &
Shareholder’s Equity 187,708.55 181,143.99
Beginning Cash 8,602.10
Cash Flow from Operation 14,126.03
Cash Used in Investment 483.92
Cash Used in Financing (17,624.58)
Ending Cash 5,587.47
(Unit: Million Baht) (Unit: Million Baht)
Financial Status
STATEMENTS OF FINANCIAL POSITION STATEMENTS OF CASH FLOW
LONG-TERM LOANS
Total Loan (Million Yen) 199,243.00
Disbursed Amount (Million Yen) 194,409.73
Repayment Amount (Million Yen) (141,986.66)
Outstanding Amount (Million Yen) 52,423.06
Outstanding Amount (Million Baht) 15,239.59
Hedged % of the remaining loan 99%
Average Interest Rate 4.86%
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Financial Ratios
30 Sep 2015
(FY2015)
30 Sep 2016
(FY2016)
30 Sep 2017
(FY2017)
30 Sep 2018
(FY2018)
31 Mar 2019
(6M FY2019)
Par Value (THB) 10.00 10.00 1.00* 1.00* 1.00*
Market Price (THB) 281.00 399.00 59.00 65.50 68.00
BV/share 76.01 84.93 9.20 10.07 10.01
P/BV 3.70 4.70 6.42 6.50 6.80
EPS 13.11 13.70 1.45 1.76 0.98
P/E 21.43 29.12 40.69 37.22 37.78
D/E 0.47 0.42 0.35 0.30 0.26
ROA (%) 11.95 11.64 11.80 13.75 7.60
ROE (%) 18.22 16.97 16.45 18.29 9.78
Note : * Change in Par value of AOT’ share from 10 Baht per share to 1 Baht per share, effective since February 9, 2017.
AOT Investment Projects (2017 - 2024)
Current = 10.81 MAP Capacity = 8.0 MAP
Current = 18.26 MAP Capacity = 6.5 MAP + 6 MAP = 12.5 MAP (Complete 2017)
Current = 4.27 MAP Capacity = 2.5 MAP
Current = 2.81 MAP Capacity = 3.0 MAP
Current = 62.81 MAP Capacity = 45.0 MAP
TOTAL Current = 139.52 MAP (FY2018) Capacity = 83.5 MAP + 11.5 MAP + 6 MAP = 101 MAP (DMK) (HKT)
Suvarnabhumi Airport & Don Mueang Int. Airport
Mae Fah Luang Chiang Rai Int. Airport
Hat Yai Int. Airport
Phuket Int. Airport
Chiang Mai Int. Airport
Current = 40.56 MAP Capacity = 18.5 MAP + 11.5 MAP = 30 MAP (Complete 2016)
AOT Performance FY2018
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2038 2039 2040 2041
Airport Investment Projects
101
116
151.5
171.5
BKK Phase 2 = 62.50 Billion (2017 – 2020)
BKK Terminal 2 = 42.08 Billion (2019 – 2022)
DMK Phase 3 = 37.59 Billion (2020-2024)
HKT Phase 2 = 6.21 Billion (2020 – 2022)
CNX Phase 1 = 15.82 Billion (2020 – 2023)
AOT Investment Projects 186 Billion (2017 – 2024)
Capacity 171.5 MAP
161.5
BKK 3rd Runway = 21.80 Billion (2019 – 2021)
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AOT Airports Network Acquisition of Four Regional Airports
Two New Airports
1 Udon Thani International Airport Sakon Nakhorn Airport Chumpon Airport Tak Airport 2 3 4
Chiang Mai Airport 2 2 1 Phuket Airport 2
AOT Future Airport
Lampang
Phuket Airport 2
Chiang Mai Airport 2
Chumpon Airport
Tak Airport
Udon Thani Airport Sakon Nakhorn Airport
Phuket International Airport Hat Yai International Airport
Don Mueang International Airport
Suvarnabhumi International Airport
Chiang Mai International Airport
Mae Fah Luang -Chiang Rai International Airport
AOT Airport
AOT Future Airport
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Key Development on Non - Aeronautical Business
Airport City at BKK airport
Certify Hub
Digital Platform
Subsidiary Company
- Ground Service Equipment (AOTGA) : AOT 49%
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Thank You
